The Financial Action Task Force (FATF) has placed Nigeria and South Africa on its list of countries under increased monitoring, commonly known as the grey list, after they failed to address strategic deficiencies in their regimes to counter money laundering,… Read More ›

South Africa
US and South Africa establish task force to combat financing of wildlife trafficking
The US treasury department and South Africa’s national treasury have made a commitment to form a US-South Africa task force on combatting the financing of wildlife trafficking. The task force will work to combat illicit finance linked to illegal wildlife… Read More ›
Trade finance reliance positions Standard Bank most vulnerable to South Africa’s potential FATF grey listing
Standard Bank’s reliance on trade finance is a factor that makes the lender the most likely to lose earnings if South Africa is placed on the Financial Action Task Force (FATF) grey list, according to a report by RMB Morgan… Read More ›
Trade finance and correspondent banking amongst highest ML, TF and PF risks at South Africa’s banks
Trade finance products and services as well as correspondent banking are amongst the bank offerings at South African banks at highest risk for money laundering (ML), terrorist financing (TF) and proliferation financing (PF) according to a report by the Prudential… Read More ›
Banks’ role in enabling graft under scrutiny after South African commission publishes part one of its state capture report
South Africa’s banks are bracing themselves for further findings of the judicial commission of inquiry into allegations of state capture after the first part of its report recommended that authorities investigate Nedbank and its employees over their alleged roles in… Read More ›
South Africa’s understanding of trade-based financial crime limited says FATF
South Africa has been given 18 months by the Financial Action Task Force (FATF) to improve its capacity to track and prosecute money laundering and terrorist financing or face being including on the so-called FATF grey-list. The Mutual Evaluation Report… Read More ›
Mbeki continues campaign against trade-based financial crime, calls on ALSF to focus more on IFFs
“The African Legal Support Facility (ALSF) must assist African countries to negotiate fair and balanced contracts to eliminate opportunities for illicit receipt, use, or transfer of funds,” says former president of South Africa and current chair of the African Union’s… Read More ›
Fight against corruption and IFFs key plank in South Africa’s economic recovery plan
South African President Cyril Ramaphosa has said his government is intensifying its fight against corruption and illicit financial flows (IFFs) as an integral part of its plans to revive the country’s economy in the wake of the coronavirus pandemic. In… Read More ›